Channel surfing!

Thanks guys. I'll keep posting it help me stay focused. Also, I really do love helping others in this great world of trading. I've been very blessed and I've been called to give back. So this is my little way I can do that. Hopefully you can get something out of it.
I've got a lot of market wisdom and have seen many things including million dollar profit days and million dollar drawdown days (NOT FUN). I've also blown up 3 accounts. (That will never happen again) This business has almost taken my marriage and at one time, my life. But God has also blessed me with staying power and because of that, its given me everything I have in life. Because of that I want to do anything I can do to help others learn from my mistakes and success and help others start making money. I am very outspoken. So hopefully I dont make anyone mad. Remember, its all in the effort to help you guys make more money.

I still look for divergence on lower timeframes to help confirm the trade but its not a must.

The TP and SL are not static. You need to have a basic understanding of supply and demand within the chart. Price tends to trade within these levels. All targets and stops will be based around these levels. hint, look for expanded moves away from a basing level. Thats a simplified supply or demand level and the place I want to manage my trade around.

Control your fear and greed! Keep it simple!

Hope this all makes sense.

Well I for one am really looking forward to learning this approach. I can't really understand why (yet) but it just strikes me as very logical.

I'm a new trader, one year demo, one year live, a 2 year forced break and now back since August. Don't let the vouches I have fool you. Apparently, some very good traders here who have taught me much felt I was worthy of them. I still don't think so but I'll try my best to live up to them. I'm in a rather rough patch of life at this time and trading may be my only way out.

So I hope you don't mind questions from time to time. I always keep them to a minimum as best I can. I don't use a bunch of indicators and such as I believe in keeping it smple and clean. Hence, my signiture.

I'm all about S/R and PA. Since coming back I've been seeing a lot of talk about supply and demand areas. Is that the same as S/R? I ask because it seems as though folks treat them as different. I always thought they were the same thing. I am aware that S/R are "areas" or "zones" and not a specific number.

Anyway, looking forward to learning more and thanks again.

EURGBP came within 1 pip of the target. It traded right into supply and started selling off. Trade is still valid.

The power of Supply and demand is on display! EURGBP hit 7992 and started falling hard. Good thing our target was 7990! Great trade! GBPJPY trade still active but taking on some heat.

Another nope vote... LOL! Good luck with you 5M MACD, STO, Fib systems.... Brokers LOVE YOU guys!

TMoney,

Great System, thanks for posting! I am subscribed and will be following along.

Kurt

Thanks tmoney5474

I like PA and I think your system makes sense. Simple, but effective. I agree with what you said about people using MA's, MACD, Stoch, RSI blah blah. KISS

Tmoney,

Disregard the nope votes and keep the screenshots and trades coming while we get the hang of things. Another poster said that you will receive negative comments even if you presented the cure for cancer and they are absolutely correct. It's probably people who didnt receive the magic indicator with arrows that sais buy/sell here with 100% accuracy and no draw down. Plus they probably can't handle trading long term charts. Don't take it personally, even idiots get to vote...the american political system should be proof enough of that.

GBPJPY got within 11 pips of our stop but shes still going!

on my chart I have a break of 4 hr channel and a close back within. My question is do you add to positions to create a better average entry price or do you allow your initial trade to play out?

EURUSD looking like a setup to keep an eye on Sunday.

As far as adding to the position. Sometimes.... Most of the time not but Im not against it. Remember, this business is based on simple logical rule based strategy as a base to trade in an artful way, NOT a scientific way. Thats why I HATE auto trading. And remember, I managed a large fund for many years based 100% on Auto trading. Put confidence in your knowledge, not a "system".

EURUSD trade

Great stuff. Thanks for bringing up those indicators, superb.

A question about entry rules.
It is stated in the OP that we need close outside of the 4h channel and then retrace back.

How about entering right after we hit channel?!

1st big upside is that we get in with better price (in NZDUSD it would be something like 30-35pips)

2nd thing... sometimes price doesn't close outside of channels and one misses a trade.

(I am looking at AUD/USD. Longer period channel is unfortunately totally sideways, but there is a nice 4h channel. And as it happens price bounced right off from channel line... so one couldn't get into this sweet trade that is already 100-110 pips in like 16 hours.)

It might be true that your entry rules probably have better win/loss ratio, but I think that what I described would have better equity over time. What do you think?

Trade setting up on USD/CHF?

I don't know why I do not have the same channel as you, anybody have the same problem!!! thx

After thinking more about this, my previous replay probably sounds like suggestion to catch a falling knife...

The main idea what I wanted to say is: maybe it is better to look at a channel lines a potential reversal zones and wait for good opportunity to enter using PA.

Close outside and then inside is of course on way, but as I said in previous replay one might miss some trades and also miss some extra pips.

Looking at NZDUSD trade. On 15min chart I see 7 attempts to break lower (8184-8190), but always immediate pullback... couldn't one make a case to enter faster than the rules say?

Strange, check the settings on your long term channel. Looks like it might be charting a weekly channel.

ART: Trading at the low or high of the channel directly at supply or demand is a good strategy, but for me, its all about high probability. If I wait for confirmation of the trend remaining this increases the probability of the trade working out. The benifit of trading directly trading at the channel and at supply or demand with the trend is you get a better price, and stop will be tighter. The downside is, more stops and lower probability.

Ill take less pips and higher probability (thats just me). The reason is, in my opinion confidence is a traders number one tool in this business. Ive seen 100's of good traders blow out and quit because of crushed confidence. If im confident, I push the button and stick to my rules and over time, I make money. Do all you can to keep the confidence. If trading less probability and higher reward doesnt effect your confidence, then go for it.

Hope that makes sense.

Looks GREAT! EURUSD and USDCHF setting up for a nice trade Sunday! Great find!

On another note, Im torn on these EURUSD and USDCHF trades working out. If they do, that means $ weakness and risk on equity strength. I have a HUGE position long 15 October VIX calls so a big part of me is hoping for more $ strength through mid Monday. Then let the $ fall apart and trade into the channel. That would be perfect!

Hello tmoney5474,

"The trade:
Both 1440 and 4H channels moving in the same direction. Wait for a move against the trend and a close outside the far side of the 4H channel and into demand or supply. Wait for a close back into the 4H channel. Take the trade! Use the low pivot as a SL and a supply and demand level as the target!"

I just want to ask:

You only use the day channel to see if the h4 and daily, are in the same direction, and you only open a position if they are right.
And when they don´t, you don´t open position.

Is that?

Thank you

Sorry i forgot to congratulate you

Correct. The best trades happen when short term trends confirm with long term trends. Trades are taken on a retracement of the trend, moving outside one fo the trend channels, into a supply or demand zone.

Hope this helps.

Another note, you can add all kind of confimation tools to this with all kinds of other indicators (overbought, oversold, synergy bars, MA's etc.). But remember, most indicators are plotting the same things (price, volume/rate of movement and time... 99% of the time) with different calculations. This system allows you to use trend, price and time in a simple and effective way without adding clutter and noise to the chart. Focus on what makes money. Trend and PA around supply and demand! This doesnt mean other systems using many indicators arent valid, there just not for me. Im much to simple minded to trade them....